Ben Francis, Gymshark’s founder and CEO, is negotiating to buy back a portion of the stake he sold to General Atlantic in 2020, aiming to strengthen his control amid slowing growth. The 34-year-old entrepreneur, who started the sportswear brand in his parents’ garage, now owns roughly 70% of the company but seeks to reclaim more after a challenging period marked by intensified competition and falling profits. According to people familiar with the talks, Francis is discussing the valuation and size of the potential purchase with the US private equity firm, which initially invested £200mn for a 21% stake. This move reflects his desire to navigate Gymshark’s turbulent waters, where revenue grew 6.5% to £647mn in 2025 but pre-tax profits halved to £6.9mn. The deal, which once turned Gymshark into a £1bn unicorn, highlights the pressure on Francis to reverse recent declines tied to expanded physical stores and reduced discounting strategies.

The partnership with General Atlantic, which holds a board seat, underscores the investor’s influence over Gymshark’s trajectory. While the company has leveraged athlete and influencer collaborations to build its young demographic base, rising operational costs from its London flagship store and European expansion have strained margins. Gymshark’s recent restructuring, which cut hundreds of jobs, aimed to stabilize finances but hasn’t yet offset profit erosion. The founder’s buyback negotiations come as he explores financing options, including potential bank deals, to fund the acquisition. This isn’t just about personal control—Francis is grappling with a brand that once thrived on disruption now facing saturation in the fitness apparel market. The talks also reflect broader trends where entrepreneurs seek to counter private equity influence after volatile public market considerations, including a previously floated IPO.

Francis’s focus on recapturing equity aligns with his proactive approach to steering Gymshark’s future. By purchasing part of General Atlantic’s stake, he could shift decision-making power away from the investor while maintaining his majority hold. This strategy mirrors his past efforts to balance growth ambitions with profitability, such as shifting from third-party retailers to direct-to-consumer sales. However, the move carries risks: overleveraging or misjudging the valuation could complicate Gymshark’s path to sustainability. The deal’s outcome may also signal to other founders navigating private equity partnerships—especially in sectors like retail, where margins are thin and competition fierce. As Gymshark’s story unfolds, investors will watch whether Francis’s buyback succeeds in reversing the brand’s profit decline or if it becomes another cautionary tale of private equity’s lingering grip. The £200mn investment by General Atlantic remains a pivotal figure in this narrative, symbolizing both the capital that fueled Gymshark’s rise and the stakes at play in its potential reinvention.